Harmony Pictures Will Offer Stock to Public

Harmony Pictures Inc., a wholly owned subsidiary of Ventura Entertainment Group Ltd. in North Hollywood, said it hopes to raise $3.15 million by selling 32% of the company in an initial offering of stock to the public.

Harmony, which produces television commercials, plans an initial public offering of 525,000 units at $6 apiece. Each unit will consist of two shares of common stock and a two-year warrant with an exercise price of $4. Stuart Gross, president of Harmony Pictures, said the money it raises will allow the company to expand into foreign markets.

After the offering, Ventura Entertainment will own 68% of Harmony, said Harvey Bibicoff, chairman of the board of Ventura Entertainment. Ventura Entertainment bought Harmony Pictures in March, 1990, for $3 million in cash and stock.